JPMorgan Chase Trims Diversity Language in Annual Report Amid Corporate DEI Scrutiny
JPMorgan Chase (JPM) has significantly reduced mentions of "diversity, equity, and inclusion" (DEI) in its 2023 annual report, reflecting the heightened scrutiny facing Wall Street DEI programs. Compared to last year, the report eliminates four instances of the phrase, including references to "diversity, equity & inclusion centers of excellence" previously touted as part of JPMorgan's corporate culture.
Despite the reduced emphasis, the report acknowledges potential reputational risks related to DEI. JPMorganChase discloses that it "expects that it will continue to be criticized" by stakeholders regarding its public policy stances on DEI and other matters.
The workforce diversity breakdown by race, ethnicity, and gender remains unchanged from 2022. The company also maintains its "diversity, equity & inclusion centers of excellence," according to a spokesperson.
The report revisions follow growing pressure from conservative activists on Wall Street companies to alter DEI policies. Last week, Goldman Sachs dropped a pledge to avoid investing in companies with all-male, all-white boards.
Recent comments by JPMorgan CEO Jamie Dimon underscore the complexities of DEI in the corporate landscape. Dimon stated that legal changes and a desire to reduce bureaucracy would impact certain DEI programs. While reiterating the company's commitment to supporting minority and marginalized groups, Dimon expressed concerns about "wasted money in bureaucracy" and questioned the effectiveness of bias training.
These developments reflect the intensifying scrutiny of corporate DEI initiatives, fueled by recent legal rulings and political shifts. As a result, companies like JPMorgan Chase are navigating a delicate balance between fulfilling legal compliance and addressing societal expectations for diversity and inclusion.